Who We Are

A Disciplined Investment Process

From Market Research to Returns

Analysis & Underwriting

We identify target markets, evaluate fundamentals, and stress-test every deal against conservative assumptions before moving forward.

Development & Operations

Our in-house team manages construction, lease-up, and ongoing property operations.

Exit & Returns

Investors receive regular reporting throughout the hold period, with distributions as assets stabilize and a defined disposition strategy to maximize total returns.

Learn More About Our Process

From Local Operator to National Platform

What started in 1994 as a single real estate practice in Eau Claire, Wisconsin has grown into a full-cycle investment platform spanning three states. Jim Rooney built the company on a simple operating principle: know your markets deeply, control the process completely, and treat every dollar — yours and ours — like it matters. That discipline has carried Keyhole Capital from a 16-unit first project to a portfolio of 26 developments totaling over 2 million square feet. Today, Keyhole has active projects in Wisconsin, Colorado, and Montana, the firm is scaling nationally while staying true to the hands-on model that built it.

What We Do

Our History

A Reputation for Property Development Excellence

Keyhole Capital started as Rooney Properties, Wisconsin’s premier property management company. For over 25 years, Rooney Properties served the Western Wisconsin community through developing and investing in upscale apartments, townhomes, and condos. As part of an expansion in 2021, Keyhole Capital was born as the investment arm of Rooney Properties to make investments in new properties and communities throughout the USA.

Jim Rooney, co-owner and CEO of Keyhole Capital, begins his career as a real estate agent serving the Eau Claire, WI area.

Jim forms Rooney Properties, an elite property management company. The company quickly begins plans to acquire and develop local rental properties.

With Jim at the helm, Rooney Properties develops the first apartment community: A 16 unit apartment complex in Eau Claire WI

Keyhole Capital begins acquiring raw land for development.

Developed Willow Creek, a 500-home master plan community, the first of its kind in Western WI.

Developed Whisper Ridge, a 71-unit townhome community situated on the southeast side of Menomonie, WI.

The post 2008 real estate crash has provided tremendous investment opportunities and Rooney Properties launches numerous apartment communities including Whisper Ridge, Willow Creek, Metro Crossing, and their biggest to date, Prairie Park with 219 units

Rooney Properties acquires the former Hillcrest Golf and Country Club and redevelops the property into a unique 176-acre community incorporating a blend of single family homes, condominiums, two apartment communities and The Classic at Hillcrest Greens senior living.

With an eye towards the future, Rooney Properties acquires land in Timnath, CO and starts construction of “Timnath Trail at Riverbend.” With the addition of the second phase in 2021, Timnath Trail becomes a 258-unit apartment community serving the Fort Collins, CO area community.

Jim’s son, Nick Rooney, joins the firm after completing his degree in Construction Management from Colorado State University. This point marks the second generation of the Rooney family involved with Keyhole Capital.

Rooney Properties launches Parkwest Townhomes, a 248 unit apartment community in Chippewa Falls, WI. Construction also begins on Settlers Ridge, a 344-unit apartment community in Elk Mound, WI.

Keyhole Capital officially splits from Rooney Property Management, both under Jim’s leadership. Keyhole Capital acquires additional land for visionary new developments in up-and-coming areas of the US: Wildhorse at H25, a 304-unit apartment community being developed in Fort Collins, CO; as well as Alpenglow, a 300-unit apartment community being developed in Bozeman, MT.

June 1, 2025 marks the end of construction on Park West Townhomes, completing all aspects of the original project vision. Vertical construction begins May 1, 2025 on Paragon Apartments.

Our Values

Reliability

Trust in consistently good performance

Honesty

Adherence to the truth

Competence

Ability to do something successful or efficiently

Flexibility

Willingness or ability to change or compromise

Financial Stability

Ability to cover your financial obligations

Ambition

Strong desire to achieve something, often requiring determination and hard work

Proactive

Taking initiative in anticipation of something to influence or to influence the turn of events

Leadership

Keyhole Capital is led by a team of operators, not outside managers. Every member of our leadership group has direct, hands-on involvement in the projects we build and the assets we manage. From finance and construction to property operations and investor relations, the experience at this table covers the full investment lifecycle.

Responsible Development. Measurable Impact.

We believe strong investment returns and responsible development aren’t competing goals — they reinforce each other. Keyhole Capital integrates environmental, social, and governance priorities into every project, from energy-efficient building systems and sustainable land use to inclusive housing policies and local workforce partnerships.

Learn About Our Community Impact

Let’s Talk About Your Next Investment

We’re always open to conversations with investors who share our long-term outlook. Whether you’re exploring multifamily real estate for the first time or looking for an experienced operating partner, we’d like to hear from you.

Start a Conversation

Built on over thirty years of Multifamily Expertise